Mozambique: Up to US$50 billion may be invested in Rovuma Basin LNG – President

Login

Register

http://www.clubofmozambique.com/

Mozambique: Up to US$50 billion may be invested in Rovuma Basin LNG – President

3:53 CAT | 08 Jul 2019

Photo: Presidency of the Portuguese Republic

Up to US$50 billion could be invested in the exploitation of natural gas in the Rovuma Basin in Mozambique over the next ten years.

The information was shared by the President Nyusi has said that up to US$50 billion could be invested in the exploitation of natural gas in the Rovuma Basin in Mozambique over the next ten years.

His statement came at dinner thanking his counterpart Marcelo Rebelo de Sousa at the end of his state visit to Portugal.

The project to liquefy the natural gas on land of the consortium led by ENI-Exxon Mobil, with the participation of Galp, is one of the major investments in view.

“Work is also under way in the Rovuma Basin to build a floating platform that will produce liquefied natural gas in Area 4 which, in addition to opportunities for profit and business, will completely transform the national economy,” President Nyusi said.

Last month, Mozambique witnessed the final investment decision of the natural gas exploration project in Area 1 of the Rovuma Basin, an investment of about US$23 billion – the largest in history.

“With opportunities for Portuguese businesspeople, in partnership with Mozambicans, to explore the immense business opportunities that emerge, our aim is to create value chains around Mozambique’s natural resources, favouring their transformation and local improvement, taking advantage of the incentives that the government offers within the framework of the industrialisation strategy and improving local content. We have already stated openly that revenues from hydrocarbon revenues will be invested in the diversification of our production and in the social sectors, with the emphasis on education and health,” the president said of expectations regarding natural gas exploitation in the Rovuma Basin.

Source: Rádio Moçambique